Question 12, Please help

VENTANA GRAINS Consolidated Income and Retained Earnings Statement for the Year Ended December 31, 2024 Revenues Cost of Goods Sold: Beginning Inventory Purchases Goods Available for Sale Less: Ending Inventory Cost of Goods Sold Gross Profit on Sales Depreciation Expense Other Expenses Net Income Jan. 1 Retained Earnings Total Less: Dividends Paid Dec. 31 Retained Earnings 3,225,000 600,000 2,100,0002,700,000500,000 1,025,0002,200,000 140,000 540,000 345,000680,000 1,065,000720,000 100,000965,000 On January 1, 2024, a U.S. company purchased 100% of the outstanding stock of Ventana Grains, a company located in Latz City, New Zealand. Ventana Grains was organized on January 1 , 2005. All property, plant, and equipment held on January 1, 2024, was acquired when the company was organized. The business combination was accounted for as a purchase transaction. The 2024 financial statements for Ventana Grains, prepared in its local currency, the New Zealand dollar, are given here. 5. The inventory is valued on a FIFO basis. The beginning inventory was acquired when the exchange rate was $0.7480. The ending inventory was acquired during the last four months of 2024 . 6. Dividends of 50,000 New Zealand dollars were paid on July 1 and December 31. Describe how the translation gain or loss would be reported in the financial statements. \begin{tabular}{lrrr} Common Stock & 800,000 & 800,000 \\ Additional Paid-in Capital & 200,000 & 200,000 \\ Retained Earnings & 720,000 & 965,000 \\ & 2,615,000 & 2,855,000 \\ \hline \end{tabular} The account balances are computed in conformity with U.S. generally accepted accounting standards. Other information is as follows: 1. Direct exchange rates for the New Zealand dollar on various dates were: 2. Ventana Grains purchased additional equipment for 100,000 New Zealand dollars on July 1,2024 , by issuing a note for 80,000 New Zealand dollars and paying the balance in cash. 3. Sales were made and purchases and "Other Expenses" were incurred evenly throughout the year. 4. Depreciation for the period in New Zealand dollars was computed as follows